The skill of reading between the lines of Federal Reserve statements has not been in demand since the credit crisis started. Like Kremlinologists who made a living analysing the Politburo’s seating plans, Fed-watchers’ talents have seemed outdated. The Fed’s actions have spoken louder than its words.

In this respect, Wednesday’s communiqué from the Federal Open Markets Committee is a return to normality. There was no surprise on interest rates, and only minor technocratic tinkering with its plan to buy Treasury bonds. Without changing the sums involved, this programme will peter out by the end of October, rather than ending abruptly next month.